No interest is charged on holding physical currency. You should know that as you probably have some currency (coins and notes) and I would not think you are paying anyone any interest for this. I am not myself. It just sits in my pocket neither earning nor paying interest.

John, you know that "money" in the modern sense is mainly electronic not physical.

Money is a form of intermediary for goods, services and resources.

During feudal centuries, the average peasant never used money and it can happen again.

Money and cash may turn out to be products of our industrial civilization._________________Peace always has been and always will be an intermittent flash of light in a dark history of warfare, violence, and destruction

In modern economies, relatively little of the supply of broad money is in physical currency. For example, in December 2010 in the United States, of the $8.853 trillion in broad money supply (M2), only about 10% (or $915.7 billion) consisted of physical coins and paper money.[2] The manufacturing of new physical money is usually the responsibility of the central bank, or sometimes, the government's treasury.

Contrary to popular belief, money creation in a modern economy does not directly involve the manufacturing of new physical money, such as paper currency or metal coins. Instead, when the central bank expands the money supply through open market operations (e.g., by purchasing government bonds or commercial bank assets), it credits the accounts that the government or commercial banks hold at the central bank (termed high-powered money). Governments or commercial banks may draw on these accounts to withdraw physical money from the central bank. Commercial banks may also return soiled or spoiled currency to the central bank in exchange for new currency

In the case of the UK, a mere 2% of the money supply is in the form of notes and coins.

Quote:

United Kingdom
M4 money supply of the United Kingdom 1984–2007. In thousand millions (billions) of pounds sterling.

There are just two official UK measures. M0 is referred to as the "wide monetary base" or "narrow money" and M4 is referred to as "broad money" or simply "the money supply".

M0: Cash outside Bank of England + banks' operational deposits with Bank of England. (No longer published.)
M4: Cash outside banks (i.e. in circulation with the public and non-bank firms) + private-sector retail bank and building society deposits + private-sector wholesale bank and building society deposits and certificates of deposit.[34] In 2010 the total money supply (M4) measure in the UK was £2.2 trillion while the actual notes and coins in circulation totalled only £47 billion, 2.1% of the actual money supply.

So, your meaninglessly pedantic observation of not all of the money being in the form of bank debt, given that 98% if it is precisely that, usefully serves the purpose of encouraging anyone else reading that "observation" to discount your drivel.

Money Supply M0 in the United Kingdom increased to 82402 GBP Million in June from 82064 GBP Million in May of 2017. Money Supply M0 in the United Kingdom averaged 28104.60 GBP Million from 1969 until 2017, reaching an all time high of 82402 GBP Million in June of 2017 and a record low of 3529 GBP Million in July of 1969.

There are just two official UK measures. M0 is referred to as the "wide monetary base" or "narrow money" and M4 is referred to as "broad money" or simply "the money supply".

M0: Cash outside Bank of England + banks' operational deposits with Bank of England. (No longer published.)
M4: Cash outside banks (i.e. in circulation with the public and non-bank firms) + private-sector retail bank and building society deposits + private-sector wholesale bank and building society deposits and certificates of deposit. In 2010 the total money supply (M4) measure in the UK was £2.2 trillion while the actual notes and coins in circulation totalled only £47 billion, 2.1% of the actual money supply.

.......It is the liquidity money supply that is key in respect of avoiding hyper inflation.

It isn't the liquid money supply which has resulted in the gross property price inflation of recent decades which has damaged most people's earnings and is resulting in a slowdown of the general economy. That damaging inflation is a direct result of the banks printing money at will and at no cost to themselves. Indeed the property price inflation has resulted in massive profits for the banks as Joe Public has to pay far more in interest on their mortgage or far more in rents to property owners, who often are paying a proportion of that rental straight into the *anker's coffers.

There is also collusion between *ankers, property developers and politicians to restrict the supply of new property to keep the prices, and profits, rising at the expense of the general population and the economy in general. This collusion results in more and more money being extracted from the general economy and moving into the restricted financial economy where much of it is converted into useless bits of paper and the rest is returned to the bubbles of the property and stock markets. And we all know, well anyone with a memory or knowledge of history and any common sense, which seems to exclude most in the finance "industry", that eventually all bubbles burst.

We are seeing the return of slavery to the Western world as people are increasingly working for the benefit of *ankers alone. This especially applies to those in private rentals who have no security of tenure and few rights and only see a future of increasing payments which often bear little relation to the amenity which they receive in exchange for their rent._________________As Steve Keen puts it: “Capital without energy is a statue; labour without energy is a corpse.” Economics ignores this which is why economics is broken.